US lawmaker warns crypto rules risk surveillance state

A senior US lawmaker has warned that recent cryptocurrency legislation could erode financial privacy and individual freedom across the country.

Representative Warren Davidson said the United States is moving toward a permissioned and heavily monitored financial system.

Davidson criticised the stablecoin focused GENIUS Act in a public post on social media.

He argued the legislation effectively enables a wholesale central bank digital currency tied to the US dollar.

Davidson said such a system could allow surveillance, coercion and state control over personal finances.

He also warned that a national digital identity system could be introduced alongside new financial rules.

Davidson said Americans may one day need government approval to use their own money.

Do not be deceived.

Warren Davidson said.

We need to reject this globalist surveillance state and return to first principles.

Warren Davidson said.

He said Bitcoin was originally designed as a permissionless peer to peer payment system.

Davidson stressed that privacy and self custody were core values of the crypto movement.